Friend Cosigned For Home Loan
Q: a friend cosigned on the loan for a house but her name is not on the deed we are no longer friends. her lawyer wrote me a letter sayingthat she is liable for the unpaid balance of the loan but she does not have ownership interest in the property they are telling me that i have to refiance and get her name off the loan or i have to put her on the deed of the house or they will take me to court and sue me. can they do this
A: Your situation is very similar to a divorce. Not that it is, but the legal ramifications are very close. I am of the opinion that the lawyer is not able to back up the letter with anything the Court would accept. It almost looks like a ’scare letter’ to confuse & worry you. Unless you have some written agreement that would force you to comply with all the ’suggested’ items in that attorney letter, they would have to take you to court & your ‘friend’ would be bearing all the cost, which most people cannot do. I recommend, getting your own legal advice & fight ‘fire with fire’ !
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